Silver BananaTopic
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Activision Blizzard Capital Structure. WACC or APVGood morning, I am at the moment trying to value Activision Blizzard. I did some research with regards to which method I should use to value the company, either WACC (DCF) or APV. In my studies, I found that WACC should be used if the firm keeps a relatively constant capital structure or if the fir...
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Semiconductors Hi, does anyone have any good resources or primers on the Semiconductor sector? thanks appreciate it. ...
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What sectors are covered by Morgan Stanley ER?Just doing research on the different BB's ER departments and couldn't find information as to which sectors MS covered. ...
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Tips for non finance student having a GS GIR superdayI've got a GIR assessment centre for the work placement scheme coming up soon. Some tips would be really helpful, as I haven't had the background of economics or business students. So far i've only had one internship in an ER department, revised DCF, financial statements and ratios from a module i'...
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Equity Research Associate Salary? - Canada Hi everyone, I was going through the forum threads looking for research associate salaries specific to Canada, but didn't seem to find anything that wasn't dated or too general (not firm specific). I like to think that I have a pretty good idea of what the average base and bonus are for a first ye...
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Audiobook Industry PrimerAnyone have any good audiobooks on learning about literally any industry? Trying to be more well rounded and I'm trying to find an industry primer type book that I can listen to. ...
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Should stock pitches be for the sector interviewing for?Maybe it seems like a silly question, but I have a couple interviews for associate level positions next week and I'm wondering if my pitches should be for the sector I'm interviewing for to show interest in the specific industry. Or is choosing a stock in another sector better since the analyst may ...
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GS GIR Interviews - how many rounds?Would appreciate if someone could shed some light on GS' GIR interview process regarding junior candidates By junior I mean post-graduate FT positions...
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Decision HelpI'm an MBA at top 5, selecting a 1st year internship. No direct investing background. I need to help choosing between BB ER (ER) in New York and Mutual Fund in Tier Two city(buyside). Ultimately, my goal is to go buyside, and really drawn to the idea of New York. Am I shooting myself in the foot b...
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Series 7 and Series 63I recently got offer for equity research. As part of the position, I am required to take the Series 7 and Series 63 exam. How should I prepare for these exams? Are there any good exam prep materials I should use? WSO Series 7 Prep Course Here ...
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Should this oil & gas engineer get his CFA?I recently accepted an offer to work for a mid-size investment bank as an associate on their E&P Equity Research team. Previously, I spent 5 1/2 years working as a drilling engineer for two different major service companies with field development experience in North America, South America, Europe, ...
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How to get my foot in the doorUnfortunately It took me years to find out what i wanted to do with my career, but now that i know i worry it's too late to find a way to break into the industry. I'm 25 years old and just finishing my MBA. I currently am closing in on my second year with a local energy company where i have an accou...
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Benefits of using a Bloomberg terminal for ER based research?Aspiring Equity Researcher here. I have never had access to any enterprise financial software before. I'm interested in hearing about the benefits of using a Bloomberg terminal. Specifically for valuation purposes. When valuing companies I find that some of the most cumbersome tasks include determin...
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Special Situations InvestingI was wondering if anyone could provide me with any resources pertaining to special situation investing? I'm particularly interested in any books/publications/investor letters that will help me think about such situations and also analyze them properly. I've recently bought the You Can Be a Stock Ma...
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Learning About/Staying Up-to-Date on the Medical Device IndustryI recently switched sectors and am currently working with an analyst that covers a number of medical device companies. Therefore, I was wondering whether anyone has any good resources (particularly newsletters/blogs) that would help me learn about this industry. I am currently subscribed to: - Kais...
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Final Interview Feb 9I have a final interview February 9th with a bulge bracket focusing on O/G Services. Does anyone have suggestions to bush up for the technical part of the interview? ...
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Checklist for London ER interviewingHi all, I'm from the States and am currently in London on a tier 4 student Visa at a non-target doing my classes in the evening, and am spending all my free time trying to prepare for upcoming interviews in ER this spring **for a FT London gig** (I am hedging my bets applying to other positions but...
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Work/Home BalanceI am trying to find an exciting field that will allow for a good home/work balance. By that I mean about 10 hour workdays, early Fridays and Saturdays off, I married and started a family very young (20), now that I am 26 I have returned to school to finish up. I have young children and a husband at ...
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Equity research final round in 3 days - How do I learn excel/modelling?Hi guys, got a final round in 3 days and I really need to learn everything. Don't currently work in finance so studying up on accounting, statements, formulas. Question is how do I learn the excel and financial modelling part in just 3 days? Any courses or tips? Where do I even start?...
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Studying for Series 86 with limited accounting/valuation experience-- Tips?Hey, I wanted to ask what someone may think about what my course of action should be for preparing for the Series 86 IF I HAVE LITTLE ACCOUNTING AND VALUATION BACKGROUND. Not a business or accounting major. I took an accounting class a while ago and am pretty new to valuation/modeling. I recently t...
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Bernstein writing test?Hey guys I have a writing test in 2 weeks with Bernstein's London office but I assume it's pretty standardized across geographies. Has anyone done one of these before or know I should best prepare?...
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Performance Analyst Exit OppsHey Guys, I have the opportunity to interview at a Chicago shop for a Performance Analyst role. The following are some of the job specs: -Calculating, analyzing, and reporting portfolio, security, and benchmark performance -Preparing and explaining attribution analysis -Preparing and organizing ri...
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Critique my Career PlanFirst a little background, I went to a semi-target (probably more-so on the lower end of the 'semi-target' spectrum to be honest) for Finance and I currently work in Risk Management for a BB in NY and I've been there for about 6 months. I have always been interested in following the markets and equi...
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Calling on All the Recruiters Out There: Part time vs. Online MBAI have an engineering degree and work at an engineering firm. I've been trying to break into equity research but first I figured I should get an MBA to back my engineering background. My question to people who normally do recruiting: Is it a turn off when you find out a candidate got his/her MBA onl...
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How to derive EV/EBITDA, EV/Sale and EV/EBIT formulasDear all, I read a training document which show the formulas for EV/EBITDA, EV/Sale and EV/EBIT (single stage). But I don’t understand and don’t know how these formulas are derived. Please kindly help me understand these formulas below: g is long term growth rate T is tax rate D is depreciatio...
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Guggenheim Partners Equity ResearchAnyone have any information regarding analyst positions in equity research at Guggenheim? Exit opps, base/bonus, hours, culture in general? Would especially appreciate info on exit opps and comp. ...
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Solutions to Common FactSet ProblemsConsidering the number of people complaining about FactSet on these forums, I thought I would start a thread to provide people with solutions for some of the more common problems. Despite the large number of FactSet users that are out there, it is surprisingly difficult to find solutions to common p...
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What are the best headhunters (experienced hire / SVP) in NYC? Equity research. Hi - I have been on WSO since my MBA days and have used this forum in the past to originally break into the sell-side. Fast forward to today and I am a lead coverage analyst on a good TMT sector, having been promoted from Associate to AD to VP and now SVP. And now again I find myself looking for adv...
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Salaries in ER?I am a Product Manager in the tech industry (silicon valley) with a base salary of 170K and all in compensation of 200K. I am looking into move into ER post my MBA. I am particularly interested in finance post-MBA but I am curious about the salaries in ER. Equity research and Asset Management both ...
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Research AnalystMy name is Evan Chen. I am a sophomore at Endicott College. I currently study Finance and minor in psychology. Last summer I did an internship at EFG Bank AG, Hong Kong. It was an eye-opening experience to the banking industry. Even though my parents have been in the banking industry for many years,...
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Corporate Finance to ER?I know that corporate finance is commonly considered an exit opportunity from Equity Research, but does this go the other way around? Can someone with industry experience on the corporate side make the move into equity research? Sorry if this is already a topic, most search results I found were abo...
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Excel Test/model helpI have an upcoming interview with an Excel test. I have searched the forum for anything I can use to practice and it seems like every thread ends up with someone pming a model. Can someone point me in the right direction on where I can get some extra practice in or send me some type of exercises/com...
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Sell side research case/earnings noteI was wondering if anyone had a good framework for approaching sell side research earnings note cases. I have an upcoming ER interview where I will have 1hr to read and prepare an earnings note. I'm looking for a framework to approach the case, example: a checklist of trends/growth numbers to check....
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Cold emailing research people!Disclaimer: I posted this in the IB forum as well, but again I'm reaching out to both IB and ER people, and I figured that I may get different responses across the ER forum relative to IB. I'm deciding what to include in a cold email. I've done okay w my response rate thus far (~20-25%), BUT I have...
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Research PreparationHey All, Hope everyone enjoyed the holidays. Through SA recruiting I was lucky enough to get an offer from a BB in credit research/strategy. I was hoping to do some preparation ahead of time in terms of modeling and was wondering if anyone had any advice/recommendations on material I should study/p...
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Series 86 Series 87 Materials for saleI am selling my STC books and supplementary materials for Series 86 and Series 87 Research Analyst Exams. Also access to the online Qbank with practice questions and mock exams for both tests. I used the STC materials to pass the two exams. The online access will be valid until January 2016. I am wi...
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Investments & Research = ER?Aspiring to earn an MSF from Vanderbilt's 2018 - 2019 cycle. I looked at Owen's most recent employment report and it states that 30% placed into "investments and research". Does "investments and research," include AM and ER? The other types of industries listed are: Investment Banking Sales & Tradi...
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Nomura Equity Research Reputation Anybody know how Nomura Equity Research ranks for the NYC office? Curious to know, people's opinions. ...
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buy-side equity research report - Telecommunications sectorHi guys, I have been tasked with my first buy-side equity research report on Safaricom by my PM. This company is in the telecommunications sector in Kenya and also generates significant revenue through its mobile money transfer service - MPESA. Could you kindly assist with a buy-side report which ...
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Reports on Bell (BEC)Hey guys, Happy new year. Does anyone have access to an equity research report on the Canadian phone company Bell (BCE)? Trying to learn more about them but I haven't found anything of considerable value online. The report could be outdated, I just want to get a better understanding of their busin...
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Jobs leading to sell side ERIf you're unable to get a research position, out of undergad, what entry level jobs could lead into ER, on the sell side?...
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Is AM/IM still a good place to start out?I have an internship offer for a top IM Firm (PIMCO/Wellington), and am wondering if these are still good places to begin a career. I understand the outflow of money from active to passive,as well as shrinking fee structures, but am not too familar with the intricacies of the trend beyond that. Are ...
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Analysts...Help me figure this outIts evidently clear that famous large cap stocks (Apple, Google etc) have many analysts (on both sides) covering them and they also happen to have the most daily trade volume on average. All these companies started small and gradually grew, attracting more analysts and investors over time. I came h...
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Corporate Access InformationDoes anyone know the going rate Buy Side investors pay to Sell Side research firms that set up one-on-one meetings for them? Is there a set price? Is it negotiable? Does it depend on the market cap of the company? Is it paid in hard dollars, soft dollars, votes or order flow? Any information yo...
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Series 86/87 study materialsHey guys, starting to study for the 86/87, I've been told the only study materials available are from STC. Does anyone know if there are any other options to supplement or replace STC? (I've been warned STC is not too helpful)...
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Need a initial report template to startHi everyone. I work at IT department in a major IB, with Math and Stat background, and wanted to change path to research analyst. Was thinking about writing an initiation report to learn the skills and use that as a work sample for the job hunting. No access to Capital IQ and Bloomberg. Would anyon...
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Forecasting interest expense !Greetings, I’m in the process of valuing the equity of a company and I would appreciate if anyone with Bloomberg access (or any other credited source) would help me with the following: 1. Nominal GDP growth, real GDP growth & Inflation forecast for Bahrain between 2017-2021. 2. 6 month LIBOR fo...
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Applied Too late to Have Realistic Odds?Hey everyone, I was wondering if I applied too late to have a realistic chance of securing an internship this summer at a bulge bracket or mid range investment bank/ER firm. I applied to 30 places between December 1st and December 10th and have not heard back from any yet other than a back office po...
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Equity Research at Sandford Bernstein or Trading at Citi?So I have recently received an offer to take on an internship at Sandford Bernstein for equity research and another offer to do trading at Citi (again internship). Both internships are 10 weeks long and are this summer. I am from an engineering background and am genuinely attracted to both. SCB pr...
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Bloomberg on home laptop?Does anyone know if you can run Bloomberg from a laptop at home? I have a Bloomberg anytime account which is included in my university course, however, I have only previously used it at the trading room at my business school. It would be nice if I could run the software without having to go there in...
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KPIs for forecasting salesHey guys, I was wondering if analysts use any specific KPIs for forecasting growth? For eg, Sales/Sq Ft for Retail industry,etc Basically, how to determine what are the main revenue drivers in a specific industry? Thanks! ...
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Failed on the numerical reasoning test how to practice for future opportunitiesI'm pretty upset that I was unable to make it through the three exams that I was given for an equity research summer internship for a large bank. I made it through the Abstract reasoning segment getting in the 75% but utterly failed at the numerical reasoning. First off I've never had questions base...
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Can anyone forward me equity research reports on Textron?Hi Everyone, Hope you are enjoying the start of the new year. Could anyone forward me some reports on Textron? I'm trying to learn about this company but don't have access to equity research reports. Thanks!...
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Lateral from ER to IBEquity Research primarily means analyzing company's financials, perform ratio analysis, forecast the financials (financial modeling) and explore scenarios with an objective of making BUY/SELL stock investment recommendation. Equity Research analyst discuss their research and analysis in their equity...
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Accounting for equity investing / reading an annual reportHey, can anyone recommend books and or online classes for accounting when it comes to stock picking? In other words what are key items and potential red flags to look after when reading an annual report. Do appreciate every bit of help and hints on resources. Thanks ...
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Anyone interested in investment banking reports? I have access to IBK reports issued by major banksI have access to IBK reports issued by major banks, including GS, MS, JPM, CS, UBS, DB, Barclays, Macquarie, SG... Can be searched by bank, industry, data, analyst, ticker and key word. Reply the report you want. I will send to you later. [GS Report](GS Report) ...
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Does an Investor Relations Department add value to a company?I've been thinking more and more about the value Investor Relations (IR) and Investor Relations Officers (IRO) add or don't add to a company. It seems that they truly believe they can have a long-term impact on stock price and that a bad IRO can possibly erode earnings through missteps. My question ...
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Chose GS FIG over top M&A groups(ms jpm gs) - did I make the right decision?chose GS indsutry group over ms m&a, JPM, centerview, ghl, - did I make the right decision? I know for sure gs fig is more interesting and couldn't get a hold on placements of some of the other groups...
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Would a Research Analyst in the Capital Markets arm of a CRE group obtain a similar skill set to an Equity Research Associate?I started off my career in medical research and now looking to make a switch into the world of finance. Would experience as a research analyst in the capital markets arm of a large CRE firm be sufficient experience prior to enrolling in a MBA program? The end game is a career in equity research. I a...
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Modeling Long-Lived Assets to forecast Capex and D&A expensesHello! First time poster, looking for modeling help. Over the course of forecasting a company's results, I found that I was either just copying the previous quarters' D&A expense or guessing to make an assumption for that figure. I'm attempting to model out a company's long-lived assets to get a bet...
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EQR in OhioFellow monkeys- If you're looking to break into finance does it make sense to move *outside *of the major finance hubs like NYC, SF, London, etc.? I think it certainly matters for banking/trading/etc but I'm curious how much it matters for Equity Research? If you're spending your days going throug...
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ER Internship InterviewHi, I just scheduled a phone interview on an ER internship, what questions should I prepare? thanks....
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UBNT - Illegal distribution issues?I am following UBNT as a short. I am hearing that it is engaging in an illegal distribution in middle east, and it might be a possible fraud? I am having trouble trying to find a place to investigate that. Any thoughts?...
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ER Model Test re: ER interview insight tl;dr: Cramming for jr. ER modelling test with zero excel? Best path, how much time? I need to cram for a modelling test with ER in late January - and know Zero Excel. I know the IB technicals/concepts cold, and have final rounds at top BBs. But zero Excel at all, and ...
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Looking for JP Morgan research initiationI am willing to trade primers/outlook decks/initiations for access to initiation or latest outlook deck for 2 companies from JP Morgan....
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Best Path for Biotech/Healthcare ER/Consulting/IBDHello all: Anyone have thoughts on moving from bio major/chem undergrad to consulting, IB, or research? Debating over directly going to MFin or Ph.D, knowing some shops like PhDs for the research. ...
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EV / ROICMy analyst uses EV-to-ROIC as an auxiliary way to value his companies. What do you guys think about this? I'm always trying to derive it. I'm not sure how I feel about it. Would love to hear opinions smarter than mine. ...
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ER Associate Interview HELP NEEDEDI had the 1st round interview for Associate role within the Healthcare/Pharma sector at a Canadian Big 5. I need help preparing for the remaining rounds so PLEASE HELP! This what I expect for the next few rounds: **2nd round: Technical Test + Writing Test** - What can I expect? - How should i best ...
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MBA for ERI applied to MBA programs this cycle and didn't do as well as expected. For background sake, I went to a top 50 school (closer to the top), did banking and now do corp dev at a large company ($10B+ rev.). The job is great but my eventually goal is to make it to a hedge fund via ER and ER via B-Schoo...
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Any books to read for an incoming equity research summer associate?Any book recommendations relating to equity research? I've read quite a few of the investment classics (particularly value investing), so I'd prefer something more specific to equity research....
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How do you learn about your companies?How do you start learning about your companies? it has been suggested to go through annual reports of all the companies and make a note of the most important events! How wise and efficient is this? Possibly those with experience can say how they learnt about the companies under their coverage!!...
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FDP looking to jump into equity research/business valuationHey everyone, Just looking for some advice here, I am currently a FDP at a F300 company and have always (since college investments/equity research challenges) wanted to go into an equity research role, more recently I have become interested in business valuation as that could entail a lot of the sa...
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Equity research template Hi, I am looking for Equity research templates (.doc) in order to personalize them and use for my personal researches, I found it hard to create the .doc file structure, so if some of you can help me, I would be very glad. Thank you...
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Stock Pitch CompetitionsWhat are some notable undergraduate stock pitch competitions that are held on a national level? Anything like the Ira Sohn Idea Contest would be helpful. Thanks....
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FT Undergrad Opportunities Dried Up?I'm graduating this spring from a semi-target and am struggling to find equity research opportunities that don't require work experience. I'm most likely sitting for CFA L1 in June. Do banks typically open up ER recruiting in the spring? Any other advice would be appreciated....
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GS NY ER First Round Phone InterviewAny advice for a first round phone interview for a Goldman Equity Research Business Analyst position? As far as I can tell business analyst is just GIR's equivalent of an associate, but someone correct me if I'm wrong. Any advice for getting past the first round recruiter phone screening. I have a...
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Specialty Pharma Equity ReseachLooking for people's feedback on Specialty Pharma and Generics. Is Specialty Pharma more about policy/regulation stuff? I'd rather steer clear of groups where a lot of the research is based on what happens in Washington. Any comments would be great! ...
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Recruiting cycle for ERWhen is the recruiting conducted for ER full-time starting positions (at BB and MM banks)? Thank you....
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How long were you in your role before you started to write front pageHello everyone. I'm hoping I can get some feedback from associates in Equity research role. How long were you in you role before you started to write front page in earnings season? I am too shy to ask around in my shop but hope you guys can share. ...
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Prestigious finance-related Internship for college freshmen in ASIAHello, I am looking for a finance-related internship - or program - in Asia (preferably in Hong Kong) for college freshmen. I just want to get a head start in the finance industry by doing an internship during my freshmen summer, so I am happy to go into any division of finance (banking, wealth mana...
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Which firms are still looking for summer equity research interns?Hey guys, just wondering what banks/financial firms still have open positions for equity research, or similar roles. Looking around for more places that I can apply to (had some interviews, but no luck with offers so far). I'm currently a junior. Thanks for the help....
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How strict is the "2+ years experience" thing when applying for analyst/associate positions?Trying to break into the ER space (specifically Life Sciences) and am applying online to multiple places. I have past internship experience in life sciences-business role function. Was wondering if anyone who has experience screening resumes thinks the 2+ yrs criteria is really adhered to. Any info ...
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How Did You Figure Out What Sector You Wanted To Cover?Hello all, I am a lurker on this forum for quite some time. I am thankful for all the information that has been provided on this forum and would appreciate if any experienced professionals could answer this question. How did you find out what sector you wanted to focus on? There are so many option...
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GS Op Risk vs BOA Global ResearchSitting on an offer for summer analyst from GS operational risk, but I am considering not accepting and applying to BOA ML for their Global Research Summer Analyst Program. I go to a target, major in STEM, and have a competitive GPA but no previous finance experience. My biggest concern is that oper...
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Advice - BVal vs Audit for ERHello Monkeys, I recently received an offer for a boutique IB on the business valuation side. The role includes utilizing DCF and multiples models for fairness opinions, employee stock option plans (ESOP) valuation, purchase price allocation, and goodwill impairment. The bread and butter is 409a va...
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SIG Equity Research Internship InterviewHi, I have a first round phone interview with SIG next week for ER summer internship. I understand SIG has a unique interview process with stats/prob. I was wondering if anybody knew any good guides to prepare besides the wso/vault . Also if anybody has any general recommendations for SIG ER interv...
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Who has Jefferies's initial coverage report of NetEase? Who has Jefferies's initial coverage report of NetEase? Could you send me a copy? Let me know what report or books do you need, we may do an exchange....
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Economic research We have a lot of ressources on Equity Research on this website thanks to different members that work in this sector. But on the other side the economic research is poorly covered. Is there anyone that can share some piece of informations on the job ? I would appreciate any input on: how you get in ...
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Economic Research?i am interested in graduate positions in macro-economic research with a bank. are ER graduate positions the right way to go for me? I am not much of a financial modeler, therefore would not want to work in comp coverage. do i still need to freshen up on valuations, ratios and models for such a posit...
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Equity Research Interview Help- BMOHi, I have a 3rd round interview at BMO Capital Markets in Toronto for ER(Chemicals) with the analyst. Does anyone know the format of the interview and what to expect, despite stock pitches, etc.? Or has anyone interviewed there before and would like to share their experience? My interview is next w...
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How is question order determined on earnings calls?Who determines the roster order for analysts and how is it determined (i.e. first to call in, analysts with best relations to the company, etc.)? ...
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T Rowe PriceI was hoping someone could shed some light on the T Rowe Price Equity research program in London. I know their headquarters are in Baltimore, but I am assuming their London office is quite large. Compensation, bonus, Exit Ops, culture, etc (incoming associate analyst)...
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[SA] MS equity research vs. JPM FICC salesI got two summer analyst offers, both leading to potential full-time offer. 1. MS Equity Research 2. JPM FICC Sales. I have been an equities guy, mostly because I started investing in stocks 4 years ago when I first entered college. I am delighted when I have discussions about the eq market but d...
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Insurance and Banks Coverage?I'm wondering if anyone can provide color on what the typical day-to-day of working on either the insurance sector or the banks sector is like. From my anecdotal experience, people covering those sectors tend to have advanced maths backgrounds (i.e. majored in pure maths or physics) and I'd be parti...
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Is an internship necessary for getting a FT offer in ER?I'm currently applying to MFin programs at top-10 schools (U.S.) and consider working in ER or AM after the program. My background: 1.5 years in Management Consulting (KPMG, McKinsey), GMAT 750, BS in Economics (with hardcore math). My question is: How important is it to have an internship before t...
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Does Equity Research look at Technical Analysis?Would your typical ER associate at a BB ever use technical analysis when analyzing a stock? Also, how much is one expected to know about options/derivatives?...
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Net debt negative for a bank ??Hello everyone! I've found a Qatar bank with negative net debt (Masraf al Rayan). Is it normal? I mean, I've never seen it before but may be it's because I'm just starting analyzing companies. Thanks for all contributions! Modigliani...
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Buy Side vs. Sell side analyst?Hey everyone, I'm new to the forums, and I am trying to decide between buy-side and sell-side straight out of undergrad. I am fairly certain that I do not want to go into IB, so at this point, sell-side is pretty much a no for me. I'm looking for others opinion on this? I come from a non-target sch...
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How long til I hear a response?I just finished my final round at Credit Suisse. When should I expect a response? It was an internship for sophomores for equity research. There were 8 people and 2 spots....
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How to best leverage my engineering background in an ER interviewHey guys, I am new here. I am trying not to ask stupid questions but if there is any, please don't kick me out ;) I am going to have an interview with a tier-1 AM for a fundamental equity research graduate role. I have confidence for my life but I actually don't understand why they shortlisted me...

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